Simplifying GST Return Filing for Startups

Congratulations on launching your startup in New Zealand! The journey is exciting, and Accountrix, the best Accountant in New Zealand, is here to support you every step of the way. One of the initial hurdles you might face is understanding and filing Goods and Services Tax, GST Return. Don’t worry, this blog is designed to break it down and simplify the process for you:

What is GST?

Think of GST as a value-added tax (VAT) applied to most goods and services sold in NZ. When you sell something, you generally charge GST on top of the price. On the other hand, when you buy something for your business, you often pay GST. This process involves reporting the difference between the GST you collected and the one you paid on your business purchases.

Do Startups Need to Register for GST?

Not necessarily. You only need to register for GST if your projected or actual taxable supplies (sales) reach NZ$60,000 or more in 12 months. If you’re below this threshold, you’re not obligated to register. However, there can be benefits to registering voluntarily, such as claiming GST credits on purchases you make for your business.

Keeping it Simple: GST Registration and Accounting

• Record Keeping: Maintain clear and accurate records of your sales and purchases, including GST amounts. This can be done with a basic spreadsheet or accounting software. We, one of the well-known Business Consultants in Auckland, can recommend user-friendly solutions to streamline this process.
• Accounting Software: Consider using accounting software specifically designed for startups. These can automate many GST calculations and simplify record-keeping.

GST Return Filing Options

• Regular Filing: If your GST is above NZ$1,500 in three months, you’ll need to file GST returns electronically every quarter (three months).
• Annual Filing: If your GST is NZ$1,500 or less in 12 months, you can file a simplified GST return annually.

Making it Easier: Partnering with Accountrix

Filing GST returns can seem daunting, but you don’t have to go it alone. We offer expert accounting and Payroll Services specifically designed to support startups. We can help you with:

• GST Registration: We’ll guide you through the registration process and ensure you comply with all regulations.
  Record-Keeping and Bookkeeping: We, the reliable Tax Agent can set up a system for tracking your income and expenses, including GST.
• GST Return Filing: We’ll handle the preparation and filing of your GST returns, ensuring accuracy and timeliness.
• GST Advice: We’ll provide ongoing advice on GST obligations and ensure you’re maximizing your GST entitlements.

Concluding Thoughts

By partnering with us, who offer the top Accounting Services in New Zealand, you can free up your valuable time and focus on growing your business. We’ll handle the complexities of GST, allowing you to focus on your passion: building a successful startup. Call us to enquire more!